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katherine, why was this tax overturned? >> it was overturned because the court said it failed to rec recognize equality before public burden. what this means is it has been applied to individuals rather than households. the court knows this top rate would have applied to a married couple, for example, if one member was in that upper income bracket. well, if it turned just under, then the 75% rate would not apply. in essence, this was thrown out on a technicality. if was a poorly worded law that just didn't pass the constitutional barrier. >> you know, it is kind of confusing. the president actually campaigned on this75% tax. what happened, and will he try to get it reinstated? >> you are quite right. he made this a key platform of his manifesto. he has gone all out on this, and he even dressed up the tax as an act that the way france's rich could help during harsh economic times. he has not backed down and in fact in the last few hours the officials have said the law will be redrafted to conform with the court ruling and wi
katherine, why was this tax overturned? >> it was overturned because the court said it failed to rec recognize equality before public burden. what this means is it has been applied to individuals rather than households. the court knows this top rate would have applied to a married couple, for example, if one member was in that upper income bracket. well, if it turned just under, then the 75% rate would not apply. in essence, this was thrown out on a technicality. if was a poorly worded...
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we have a governor focused on jobs and taxes. he's talking about gun confiscation. >> you can accomplish my -- publish my name if i don't pay taxes. >> these are people obeying the law. domestic violence victims, retired police. no way they should make this accessible for criminals and nut jobs. >> eric: have we heard from the paper? >> they are refuse to comment. >> no apologies, no we made a mistake. >> trace: and they haven't pulled the information. >> eric: have you contacted them. >> not recently but they know about my piece of legislation we got done in the assembly. >> this story is heating up on the internet, twitter and facebook. gregg ball, thank you very much. >> good to be here. >>> we have to leave it there. i'll see you on the five, 2.5 minutes or so. be right over there. [ male announcer ] this is joe woods' first day of work. and his new boss told him twongs -- cook what you love, and save your money. joe doesn't know it yet, but he'll wk his way up from busser to waiter to chef before opening a restaurant special
we have a governor focused on jobs and taxes. he's talking about gun confiscation. >> you can accomplish my -- publish my name if i don't pay taxes. >> these are people obeying the law. domestic violence victims, retired police. no way they should make this accessible for criminals and nut jobs. >> eric: have we heard from the paper? >> they are refuse to comment. >> no apologies, no we made a mistake. >> trace: and they haven't pulled the information....
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katherine, why was this tax overturned? >> it was overturned because the court said it failed to rec recognize equality before public burden. what this means is it has been applied to individuals rather than households. the court knows this top rate would have applied to a married couple, for example, if one member was in that upper income bracket. well, if it turned just under, then the 75% rate would not apply. in essence, this was thrown out on a technicality. if was a poorly worded law that just didn't pass the constitutional barrier. >> you know, it is kind of confusing. the president actually campaigned on this75% tax. what happened, and will he try to get it reinstated? >> you are quite right. he made this a key platform of his manifesto. he has gone all out on this, and he even dressed up the tax as an act that the way france's rich could help during harsh economic times. he has not backed down and in fact in the last few hours the officials have said the law will be redrafted to conform with the court ruling and wi
katherine, why was this tax overturned? >> it was overturned because the court said it failed to rec recognize equality before public burden. what this means is it has been applied to individuals rather than households. the court knows this top rate would have applied to a married couple, for example, if one member was in that upper income bracket. well, if it turned just under, then the 75% rate would not apply. in essence, this was thrown out on a technicality. if was a poorly worded...
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higher tax rate. john boehner floated a plan that would have kept low rates for those making up to a million dollars. two house members talked to us earlier today about where the tax issue is likely heading. >> the $400,000 level seems to me to be about right. that represents about the top 1% of income earners in the country. we need to save tax hikes on as many americans as we can. i kind of feel like i'm a life guard and we got to save as many people from crown not guilty higher taxes as we can. >> the challenge is finding the right figure to win some republican support in the senate and attract enough votes to pass the house. kelly. >> kelly: interesting comment right there, feeling like a life guard. many people are wondering if they're going to do that on capitol hill. thanks so much. going to be an interesting new year. watch fox sunday tomorrow. chris wallace talks with lindsey graham and nine fine stein. check your -- diane feinstein. >> heather: new york city police have a woman in custody wh
higher tax rate. john boehner floated a plan that would have kept low rates for those making up to a million dollars. two house members talked to us earlier today about where the tax issue is likely heading. >> the $400,000 level seems to me to be about right. that represents about the top 1% of income earners in the country. we need to save tax hikes on as many americans as we can. i kind of feel like i'm a life guard and we got to save as many people from crown not guilty higher taxes...
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if the president and lawmakers cannot reach a deal in the next five days, automatic tax hikes and major spending cuts are set to kick in and economists warn that could trigger another recession. what else are we hearing from democrats on the hill? >> trace, very interesting comments from vice president joe biden up here for an unrelated matter about the fiscal cliff today. he says, essentially he was asked what do you think will pass? he said if you tell me what would attract republican support, i can tell you what would pass. if asked if he was optimistic, he said he was neither optimistic or pessimistic but was going back to talk to the president. the senate majority leader sounded frustrated with house republican leadership. >> american people i don't think understand the house of representatives is operating out the house of representatives. it's being operated with a dictatorship of the speaker, not allowing the vast majority of the house representatives to get what they want. >> reporter: as you mentioned, trace, the speaker's spokesman said afterward, reid should focus on legisla
if the president and lawmakers cannot reach a deal in the next five days, automatic tax hikes and major spending cuts are set to kick in and economists warn that could trigger another recession. what else are we hearing from democrats on the hill? >> trace, very interesting comments from vice president joe biden up here for an unrelated matter about the fiscal cliff today. he says, essentially he was asked what do you think will pass? he said if you tell me what would attract republican...
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pay in taxes. below 10,000 they will pay an average of about $300 more. look down the chart a bit. those who make between 40 and 50,000 they will have to pay an extra $1,700 more. looking at the next set of numbers for wage earners, 50 to 75,000. they will have to find an extra $2,300 to send to washington. and if you managed to make over $200,000, if you go over that income mark, it will be a big jump up. you have to send a check to uncle sam for, on average, about 14,000 additional dollars. the highers wage earns 500,000 to a million they will pay an average of $34,000 more. over a million dollars, the irs will want 216,000 additional dollars from you on top of what you already pay in taxes. the upshot of all of this; >> you will have less money to spend in a very difficult economy with very little clarity on how the economy is going to pick up in the near future. even in the long run. we are entering into a very difficult economic environment, unfortunately. >> a wealth manager says need to aust
pay in taxes. below 10,000 they will pay an average of about $300 more. look down the chart a bit. those who make between 40 and 50,000 they will have to pay an extra $1,700 more. looking at the next set of numbers for wage earners, 50 to 75,000. they will have to find an extra $2,300 to send to washington. and if you managed to make over $200,000, if you go over that income mark, it will be a big jump up. you have to send a check to uncle sam for, on average, about 14,000 additional dollars....
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higher taxes, capital gain taxes because we don't have any clear picture yet on what reid and mcconnell might be crafting. >> harris: wow. people getting out of market suddenly. which companies stand to lose if that happens? >> this is a really interesting list of companies that was actually compiled by goldman sachs. we were reporting this today. these are companies that get 50% of their sales, or more, from the u.s. government. deals of the government. lockheed martin, granted construction. grumed. saint jude medical. motorola, waste manage: these are companies that not only have big contracts with the government but employ a lot of people who should these contracts not be renewed to the extent they are right now. those employees could be facing an uncertain future. >> harris: wow, at a time when we're still trying to generate enough jobs to break even at the end of the month. >> that's right. >> harris: adam shapiro, thank you. three police officers recovering from a rampage that played out inside their police station. it happened in southern new jersey. they say a man police had arr
higher taxes, capital gain taxes because we don't have any clear picture yet on what reid and mcconnell might be crafting. >> harris: wow. people getting out of market suddenly. which companies stand to lose if that happens? >> this is a really interesting list of companies that was actually compiled by goldman sachs. we were reporting this today. these are companies that get 50% of their sales, or more, from the u.s. government. deals of the government. lockheed martin, granted...
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clearly, i don't want taxes to go up. taxes shouldn't go up on anyone. but to only raise taxes on those who are the top earners will only fund the government something like eight days. this is something that the american people need to understand and recognize. there are big failures going on in washington and people need to take notice and hold our politicians accountable. >> arthel: michael? >> if she's right and it's only eight days, why would the republicans hold every american taxpayer hostage for eight days' worth of a deal? there should be a deal on the tax part. it should happen in the next few hours. this is an artificial deadline created by a bunch of politicians two summers ago because they couldn't consume to an agreement. so that's why we're here on the new year's eve trying to figure out how not to have taxes go up by 99.7% of americans, which is what will happen come new year's day. that's why i think you're going to get it. the politician doesn't want to be the one to say i created the largest tax hike in history. >> arthel: so michael, w
clearly, i don't want taxes to go up. taxes shouldn't go up on anyone. but to only raise taxes on those who are the top earners will only fund the government something like eight days. this is something that the american people need to understand and recognize. there are big failures going on in washington and people need to take notice and hold our politicians accountable. >> arthel: michael? >> if she's right and it's only eight days, why would the republicans hold every american...
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a lot of finger pointing and no answers as i said and just days remaining until tax increases and spending cuts all kick in and we all feel the pain. mike emanuel live with the news for us tonight on capitol hill. top democrats seem to be suggesting they cannot cut a deal without republican help. >> well, harris, that is right. and so they are asking what it will take to at least get some republican support. they say time is so critical. they cannot just roll out new legislation only to have the republicans reject it. we know president obama called the top four congressional leaders last night on his way back from hawaii. tomorrow afternoon at the white house will be a meeting between the president and those top four congressional leaders and earlier the top senate democrat expressed concern or frustration saying you cannot legislate with yourself. >> the republicans in the house have left town. the negotiations between the president and the speaker have fallen apart as they have for the last three and a half years. we have tried mightily to get something done. >> now, perhaps in an effort
a lot of finger pointing and no answers as i said and just days remaining until tax increases and spending cuts all kick in and we all feel the pain. mike emanuel live with the news for us tonight on capitol hill. top democrats seem to be suggesting they cannot cut a deal without republican help. >> well, harris, that is right. and so they are asking what it will take to at least get some republican support. they say time is so critical. they cannot just roll out new legislation only to...
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details on a brand-new sales tax. and senator libbedy graham has been an outspoken critic of president barack obama for years. but what is he saying today? >> if the president doesn't deal with this, he is a lousy commander in chief. [ male announcer ] how do you measure happiness? by the armful? by the barrelful? the carful? how about...by the bowlful? campbell's soups give you nutrition, energy, and can help you keep a healthy weight. campbell's. it's amazing what soup can do. time for citi price rewind. because your daughter really wants that pink castle thing. and you realldon't want to pay more than you have to. only citi price rewind automatically searches for the lowest price. and if it findone, you get refunded the difference. just use your citi card and register your purchase online. have a super sparkly day! ok. [ male announcer ] now all youeed is a magic carriage. citi price rewind. start saving at citi.com/pricerewind. >>> you are not only going to cut your way to prosperity. >> we have not seen the leade
details on a brand-new sales tax. and senator libbedy graham has been an outspoken critic of president barack obama for years. but what is he saying today? >> if the president doesn't deal with this, he is a lousy commander in chief. [ male announcer ] how do you measure happiness? by the armful? by the barrelful? the carful? how about...by the bowlful? campbell's soups give you nutrition, energy, and can help you keep a healthy weight. campbell's. it's amazing what soup can do. time for...
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for example, one big tax increase in the obama tax increase package is the capital gains tax rate is going to go up 58% on the higher income taxpayers. and so now in the last 50 years, every time the capital gains tax rate has been raised, capital gains revenues have declined rather than increased. and every time the capital gains tax rate has been cut, capital gains revenues increased rather than declined. and cbo has gotten it wrong every time over 50 years. and so whether you're deal -- what you're doing with obama is not just the expiration of the bush tax cuts, but obama tax goes into effect as well. the cap gains rate will go up 58% and this is going to lose revenue rather than gain revenue just as it has in the past. similarly, the tax increase on dividends. if the bush tax cut expires, along with the obamacare tax increase, the tax rate on dividends is going to increase -- actually triple. when bush cut the tax rate on dividends, dividends pay soared and so did the taxes napad on them as a result. if you reverse that tax cut and put the obamacare tax on top, dividends are goi
for example, one big tax increase in the obama tax increase package is the capital gains tax rate is going to go up 58% on the higher income taxpayers. and so now in the last 50 years, every time the capital gains tax rate has been raised, capital gains revenues have declined rather than increased. and every time the capital gains tax rate has been cut, capital gains revenues increased rather than declined. and cbo has gotten it wrong every time over 50 years. and so whether you're deal -- what...
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tax increases, massive tax reductions to the military. republicans really stand and the notion is appalling about who wins, but the republicans win because the economy is going to go out yet another fiscal cliff. george w. bush is not the president. obama is the president, he is not putting forth proposals to work with republicans. he will have to take ownership of this. they need to come up with a cohesive message about real economic growth and shrinking the size of government. they don't have a message and that is going to be the big question about who wins and long-run. jon: if we go over the cliff, i mean, everyone's paycheck, just about -- come january 1, it will be shrunk because government is going to be taking a much bigger chunk out of it. that will infuriate people. are they going to be blaming president obama? >> well, they won't be blaming president obama because polls show that they are blaming republicans. republicans are not really coming to the table. we had an election, and we had an election where voters clearly supporte
tax increases, massive tax reductions to the military. republicans really stand and the notion is appalling about who wins, but the republicans win because the economy is going to go out yet another fiscal cliff. george w. bush is not the president. obama is the president, he is not putting forth proposals to work with republicans. he will have to take ownership of this. they need to come up with a cohesive message about real economic growth and shrinking the size of government. they don't have...
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>> higher taxes and entitlement cuts. harris: before you go, i hear a huge however, in all of this and that's because the only thing you say would slow down a positive outlook is the federal government getting in the way. you know they're pretty good at that. >> look what happened, not only 12 months but really the last almost four years the economy should have been on a natural high. it has its own momentum, its own natural growth. unemployment has been historically terrible on these kind of recoveries. washington interfering with the natural growth of the economy. we do need to get them out of the way. we need them to make decisions give ground rules and make a head of steam. harris: you call white house, call congress, let us know how it works out. >> i've been down to washington and talked to political leaders. everybody is in one camp or the other. somebody has to give. we hope they compromise soon. harris: dominic, thank you, a financial advisor giving us advice today. thank you. >> have a great day. harris: you too
>> higher taxes and entitlement cuts. harris: before you go, i hear a huge however, in all of this and that's because the only thing you say would slow down a positive outlook is the federal government getting in the way. you know they're pretty good at that. >> look what happened, not only 12 months but really the last almost four years the economy should have been on a natural high. it has its own momentum, its own natural growth. unemployment has been historically terrible on...
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would pay more in payroll taxes. families making between 40 and $65,000 a year would pay an extra two grand or so to the government. gregg: the big question, do lawmakers hope to get anything out of the last minute fiscal cliff talks or is it just for show? democratic congressman chris van hollen is the ranking member of the house budget committee. he will be joining us live coming up in the next hour what he really thinks is going on. patti ann: well the u.s. economy meanwhile could suffer yet another major blow. looming strikes at ports from next sass to boston are threatening to put thousands of americans out of work. with potential losses for u.s. businesses ranging in the billions. >> the port of baltimore is one of maryland's largest economic generators. any type of work action that may result in a suspension or stoppage of work would have an adverse effect. >> we handle more cars, we handle more farm and construction equipment than any other u.s. port. patti ann: we're learning that adverse effect could take a
would pay more in payroll taxes. families making between 40 and $65,000 a year would pay an extra two grand or so to the government. gregg: the big question, do lawmakers hope to get anything out of the last minute fiscal cliff talks or is it just for show? democratic congressman chris van hollen is the ranking member of the house budget committee. he will be joining us live coming up in the next hour what he really thinks is going on. patti ann: well the u.s. economy meanwhile could suffer yet...
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tax base. the numbers are sort of come complex. when the bush tax cuts went into effect fewer people had an income tax liability. this is what mitt romney was talking about last year with the 47%. if the tax rates increase you all of a sudden have more people paying income taxes and you just have a broader, higher rate to play with. next year when they come back they can get rid of some of the duck -ts and what not and lower the rates and overall have a lot more money in the system to play with, a lot more options. they think they are better shape for tax reform if they come back next year with the rates having gone up. >> reporter: and by not allowing the president to just add nah see um raise the debt level, they have leverage, don't they? >> they believe so. and the president -- it's safe to say the president realizes that, because he's been insistent throughout that he won't deal with another debt level gamesmanship as he calls it from the last time around. he understands that republicans s
tax base. the numbers are sort of come complex. when the bush tax cuts went into effect fewer people had an income tax liability. this is what mitt romney was talking about last year with the 47%. if the tax rates increase you all of a sudden have more people paying income taxes and you just have a broader, higher rate to play with. next year when they come back they can get rid of some of the duck -ts and what not and lower the rates and overall have a lot more money in the system to play...
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will pay more in payroll taxes. families making between 40 and $65,000 a year will have to pay an extra two grand to the government. gregg: coming up we'll talk with republican nick mulvaney whose house budget committee is obviously on the forefront of the fiscal talk. so we'll try to get the latest from him in just a moment. patti ann: meanwhile, gregg, we have new warnings from the treasury department that if a fiscal deal isn't reached our government will have to turn to extraordinary measures when the debt limit hits its ceiling. $16.4 trillion probably on monday. fox business network's stuart varney joins us now. hi, stu. you say this is the big story people aren't talking about? >> it is a sleeper issue, patti ann. on monday the government officially runs out of money and it can not borrow anymore. so it will have to shift all kind of cash around to make sure they can pay their bills and maybe they can do that for a couple of months. means you can kick the can, eight weeks be maybe, until the absolute crunch c
will pay more in payroll taxes. families making between 40 and $65,000 a year will have to pay an extra two grand to the government. gregg: coming up we'll talk with republican nick mulvaney whose house budget committee is obviously on the forefront of the fiscal talk. so we'll try to get the latest from him in just a moment. patti ann: meanwhile, gregg, we have new warnings from the treasury department that if a fiscal deal isn't reached our government will have to turn to extraordinary...
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a new tax coming out. the tax will be put on devices that range from mri's to prosthetics and items in every doctor's office and veterinary offices. it will be passed alongg to consumers and manufacturers say it will result in job loss and stifle innovation and upon send jobs over seas. we went to one manufacturer. adm electronics that employs 19 people to ask them what it means for their industry. >> your company is about to be hit with a 2.3 percent tax on medical devices. >> it means more. it is on gross sales and that can hurt the number of people working for us and number of sales and increase the costs of our device. >> this is a family run business and been in business 40 years. how does it plea out for your company? >> we tried not to lose our employees because we are like family and the devastating impact we may not be able to sustain the number of employees. >> we might have to lay someone off which i have never done before. it is it a tough thing to have to tell somebody. you have no job. >> and
a new tax coming out. the tax will be put on devices that range from mri's to prosthetics and items in every doctor's office and veterinary offices. it will be passed alongg to consumers and manufacturers say it will result in job loss and stifle innovation and upon send jobs over seas. we went to one manufacturer. adm electronics that employs 19 people to ask them what it means for their industry. >> your company is about to be hit with a 2.3 percent tax on medical devices. >> it...
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they just want something that will extend middle class tax cuts. they want to see two million people get unemployment benefits extended. those are running out at end of the year by the way the president, you remember, came out on friday after speaker boehner talked about the failure of the vote thursday night and president basically said everyone should calm down, cool off over the holidays. take a listen. >> everybody can cool off. everybody can drink some eggnog, have some christmas cookies, sing some christmas carols, enjoy the company of loved ones and then i would ask every member of congress while they're back home to think about that. think about the obligations we have to the people who sent us here. >> reporter: so, sing some carols today. probably will be some eggnog. here in hawaii, maybe back in ohio where john boehner is likely celebrating the holidays as well but they have got to seriously get back to work over the next couple days and top white house officials say we can expect the president by the end of this week, it is very, very
they just want something that will extend middle class tax cuts. they want to see two million people get unemployment benefits extended. those are running out at end of the year by the way the president, you remember, came out on friday after speaker boehner talked about the failure of the vote thursday night and president basically said everyone should calm down, cool off over the holidays. take a listen. >> everybody can cool off. everybody can drink some eggnog, have some christmas...
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estate taxes. >> juliet: yeah. >> there are payroll tax issues. there's a whole host of alternative minimum tax that are important to small business owners. i have a lot of family business owners where the estate tax is very important to them. >> juliet: all right. bob russell, we appreciate you joining us today. it's obviously something that we all will be watching intently here at fox news channel. happy new year. all righty, coming up from the ice ages, punishment f, and banning bibles, the culture wars making news in 2012. we'll be right back. ♪ bye-bye miss american pie ♪ ♪ drove my chevy to the levee, but the levee was dry ♪ ♪ you lose through diet and exercise, alli can help you lose one more by blocking some of the fat you eat. let's fight fat with alli. ♪ >> and welcome back. as 2012 comes to a close, let's take a look at part two of some of the most important culture stories, clicked on the most on foxnews.com. >> dave: and fox radio correspondent here with a recap. todd, we remember the ice ages, essentially punished for doi
estate taxes. >> juliet: yeah. >> there are payroll tax issues. there's a whole host of alternative minimum tax that are important to small business owners. i have a lot of family business owners where the estate tax is very important to them. >> juliet: all right. bob russell, we appreciate you joining us today. it's obviously something that we all will be watching intently here at fox news channel. happy new year. all righty, coming up from the ice ages, punishment f, and...
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you know, for extending the bush tax cuts, is it 250,000 and above, that you let the taxes go up, is it 400, 500,000, ultimately what it comes down to, harry reid says i can get enough votes from democrats to support this plan. >> and democrats say and republicans say that would be about the 1 percent-ers, so-called 1 percenters would hit that 400,000 a year maybe higher, up to 500,000, what revenue does this generate? we've been hearing about this for a long time. what does it actually generate? well, if we take about 12.4 days to run the federal government, that's the amount of money extra that the government would bring in to run the federal government. that's how much we spend in 12 days. so, all of this fighting back and forth, that's why so much is being said or lack of-- i guess i should say, lack of being said about cuts. and the real way we can grow this economy is cuts. get all of this out of control spending in place first. >> dave: right, and just the conversation alone that we're now having, the american people are the loser in this deal because none of this talk is abou
you know, for extending the bush tax cuts, is it 250,000 and above, that you let the taxes go up, is it 400, 500,000, ultimately what it comes down to, harry reid says i can get enough votes from democrats to support this plan. >> and democrats say and republicans say that would be about the 1 percent-ers, so-called 1 percenters would hit that 400,000 a year maybe higher, up to 500,000, what revenue does this generate? we've been hearing about this for a long time. what does it actually...
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at least through tax day. >> that is your new year's resolution. >> thank you for that. >> sure. >> house thousands of people are celebrating this morning at birthplace of jesus christ. joining us from bethlehem is leland vittert. good morning. leland. >> reporter: good morning. merry christmas. afternoon in bethlehem. if you look at mapger square, pilgrims from all over the world are streaming in. the christmas tree in manger square. back behind is the church of the nativity where the pilgrims make their way in and down into the grotto where it says jesus was born more than 2000 years ago. last night christmas eve mass inside the church. it is a magical experience. standing room only as well as thousands packed in to listen to the message of the latin patriarch who talked about peace and blessings this christmas season, declared the birth of jesus and earlier took a bit of a political bend as he started talking about this is not only celebrating the birth of jesus and the birth of a palestinian state at the united nations. that is a feeling we've gotten here, a very different feeling in
at least through tax day. >> that is your new year's resolution. >> thank you for that. >> sure. >> house thousands of people are celebrating this morning at birthplace of jesus christ. joining us from bethlehem is leland vittert. good morning. leland. >> reporter: good morning. merry christmas. afternoon in bethlehem. if you look at mapger square, pilgrims from all over the world are streaming in. the christmas tree in manger square. back behind is the church of...
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peopleville to pay in because the alternative minimum tax won't be patched. taxes will go up. spending cuts over time will happen as well. the stock market, i think the stock market will be hit hard. but again, here i am saying, let's do this. i have the most to lose of anyone i know. it's the only way to fix the economy. it's the best thing for the economy. >> okay. take us through what each side is wanting. >> here's what the deal is. president obama wants tax cuts to expire for everyone except those making $250,000 a year. john boehner's plan "b" was anyone making under $1 million a year. neither seemed to work. it looked like president obottomma was coming back with the same deal, $250. they are miles apart. they are miles apart. >> there is a big divide. andrea, you were able to speak with a number of people on the hill. what reaction are you getting? >> well, the president has spread these stories and people in his administration that he is going to come to the table with a deal. we have been hearing that all week long. that did not happen. swan dive, we're going off the
peopleville to pay in because the alternative minimum tax won't be patched. taxes will go up. spending cuts over time will happen as well. the stock market, i think the stock market will be hit hard. but again, here i am saying, let's do this. i have the most to lose of anyone i know. it's the only way to fix the economy. it's the best thing for the economy. >> okay. take us through what each side is wanting. >> here's what the deal is. president obama wants tax cuts to expire for...
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they keep the bush tax cuts. you would think republicans would be seb berating. >> juan's drinking the kool-aid, man. >> i agree that the republicans are no better in this -- >> oh! let me take your comment about drinking the kool-aid. you sold them on the kool-aid. >> what flavor is it, juan? grape? cherry. >> andrea, i have to disagree with you. he has been handed a house that went republican because they said, no raising taxes. >> eric -- >> he knew what he was getting into. >> he lost seats. he didn't have the votes to try to get some sort of deal passed. >> john boehner brought the house republicans. >> guess what's going to happen? he is going to get a worse deal -- a worse deal after the new year. that's the political reality. i work in the house for years. i know what this guy's a very shrewd operator -- >> who? >> yeah -- >> i want to ask -- we had this lecture after the gabrielle giffords shooting and colorado, we have to be responsible with the way we talk about guns. but steny heuer decides to equate
they keep the bush tax cuts. you would think republicans would be seb berating. >> juan's drinking the kool-aid, man. >> i agree that the republicans are no better in this -- >> oh! let me take your comment about drinking the kool-aid. you sold them on the kool-aid. >> what flavor is it, juan? grape? cherry. >> andrea, i have to disagree with you. he has been handed a house that went republican because they said, no raising taxes. >> eric -- >> he knew...
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peopleville to pay in because the alternative minimum tax won't be patched. taxes will go up. spending cuts over time will happen as well. the stock market, i think the stock market will be hit hard. but again, here i am saying, let's do this. i have the most to lose of anyone i know. it's the only way to fix the economy. it's the best thing for the economy. >> okay. take us through what each side is wanting. >> here's what the deal is. president obama wants tax cuts to expire for everyone except those making $250,000 a year. john boehner's plan "b" was anyone making under $1 million a year. neither seemed to work. it looked like president obottomma was coming back with the same deal, $250. they are miles apart. they are miles apart. >> there is a big divide. andrea, you were able to speak with a number of people on the hill. what reaction are you getting? >> well, the president has spread these stories and people in his administration that he is going to come to the table with a deal. we have been hearing that all week long. that did not happen. swan dive, we're going off the
peopleville to pay in because the alternative minimum tax won't be patched. taxes will go up. spending cuts over time will happen as well. the stock market, i think the stock market will be hit hard. but again, here i am saying, let's do this. i have the most to lose of anyone i know. it's the only way to fix the economy. it's the best thing for the economy. >> okay. take us through what each side is wanting. >> here's what the deal is. president obama wants tax cuts to expire for...
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i can report we have reached an agreement on all of the tax, the tax, the tax issues. >>reporter: lawmakers are saying to avoid americans getting hammered by new taxes in the new year get this part done, and work out the other issues that are still on the table in the new year. the bottom line, republican senators are being briefed by the lead negotiator at this hour. >> thank you, mike emanuel. >> the late word is there will be no vote in the house of representatives because there is nothing to vote on. so we are tumbling over the fiscal cliff for now. the question after the interview, president obama sitting down with one sunday talk show host yesterday and that host is capping flak if not asking the tough questions on taxes and spending and follow-up >> politics is always messy. people have asked me about the film "lincoln" and --. >> is this your lincoln moment? >> no, i never compare myself to lincoln. and, obviously the magnitude of the issues are quite different from the civil war and slavery. >> how accountable are you for the fact that washington is not gettin
i can report we have reached an agreement on all of the tax, the tax, the tax issues. >>reporter: lawmakers are saying to avoid americans getting hammered by new taxes in the new year get this part done, and work out the other issues that are still on the table in the new year. the bottom line, republican senators are being briefed by the lead negotiator at this hour. >> thank you, mike emanuel. >> the late word is there will be no vote in the house of representatives because...
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to be the social security tax will be alternative minimum tax will be. it is like a third world country we are right to blame both parties in congress because they have to get their act together and get this done. >> i don't just blame both partys in congress i blame the president, too. this is about rolling up your sleeves making phone calls i remember whether it's lyndon johnson or bill clinton or ronald reagan they knew how to work the telephone. that's not happening here. >> it isn't. i think there's blame on both sides. one of the frustrations when i go to republican source on capitol hill they say the president is in the same place negotiation as he was 6 weeks ago that is to say you were right when there was spending problem. we are spending 1.2 trillion more than we take in. the amazing thing five, six weeks into the negotiations the president hasn't proposed a single spending cut. it is an amazing thing. >> this is what is so incredible. there isn't any discussion other than the blame game. i will talk about this later in the show the president
to be the social security tax will be alternative minimum tax will be. it is like a third world country we are right to blame both parties in congress because they have to get their act together and get this done. >> i don't just blame both partys in congress i blame the president, too. this is about rolling up your sleeves making phone calls i remember whether it's lyndon johnson or bill clinton or ronald reagan they knew how to work the telephone. that's not happening here. >> it...
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on the taxes, just on the taxes, as they are structured now, if you look at the tax deal, comparing it to what the re-knew you would get over ten years, it's roughly $600 billion that they get revenue coming in from the tax deal they are striking with the framework tonight. hurricane sandy recovery billion is $60.4 billion. it's about the same annually. >> preclintonnian tax and spend democratic philosophy. you take in $60 billion a year from the rich. and it's simply you spend half of that on unemployment insurance. the rest of is it spent on all the credits, tax credits which are going to be undone. which will be retaped. if a cliff is avoided and the deal was accepted. you take the money and you spend money. this would increase the debt and deficit. republicans have one choice in the house. i don't know if boehner is able to do it. we'll go over the cliff of midnight tonight. the rates will be at the high rate. the bush tax cut will be over. if boehner is smart and the republicans including the conservatives in the caucus are smart, they would accept that, because there is no way it
on the taxes, just on the taxes, as they are structured now, if you look at the tax deal, comparing it to what the re-knew you would get over ten years, it's roughly $600 billion that they get revenue coming in from the tax deal they are striking with the framework tonight. hurricane sandy recovery billion is $60.4 billion. it's about the same annually. >> preclintonnian tax and spend democratic philosophy. you take in $60 billion a year from the rich. and it's simply you spend half of...
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a lot of taxes will go up but taxes will go up on everybody, not injure the guy around the tree that's paying for everything but everyone will have to pay. and then folks will realize the government we are voting for costs us money too. >> that's the thing. if we don't go over the cliff and they don't reach a compromise, what will happen? they can't afford to keep spending like this. won't spending have to go down by virtue after compromise not being reached? spending will go down a little bit because of the sequester and 9 defense spending, what you talked about on the show quite a bit. a big chunk comes from tax increases. little the end of the unemployment benefits of that been going on for a while, the payroll tax holiday and the alternative minimum tax which is going to grab more and more people. you will have less subsidies for lower income people who are unemployed today and higher tax on middle income americans. it's not great. none of us want tax increases but at the end of the day trillion dollars deficits are bad, too. trillion dollars deficits every year as far as the eye c
a lot of taxes will go up but taxes will go up on everybody, not injure the guy around the tree that's paying for everything but everyone will have to pay. and then folks will realize the government we are voting for costs us money too. >> that's the thing. if we don't go over the cliff and they don't reach a compromise, what will happen? they can't afford to keep spending like this. won't spending have to go down by virtue after compromise not being reached? spending will go down a...
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unemployment benefits would continue for one year and the estate tax would go up. we have learned lawmakers are still working out the automatic spending cuts. president obama weighs in saying middle class families can not get caught in the middle. >> the last thing folks like the folks up here on this stage can afford right now is to pay an extra $2,000 in taxes next year. middle-class families can not afford it, businesses cannot afford it, our economy can not afford it. >>trace: traders on wall street are watching the president's comments. the chance of going over the cliff may not look great but the dow is up for the time being. we have fox coverage with wendell at the white house. but, first, mike is live on capitol hill. the senate leader is the -- actually, the minority leader, what is he telling colleagues? >>reporter: he said they are very, very close. he would like to take action to avoid having americans suffer a huge tax increase in a matter of ten hours. there are a lot of anxious senators walking around wondering if or when they will get a chance to vo
unemployment benefits would continue for one year and the estate tax would go up. we have learned lawmakers are still working out the automatic spending cuts. president obama weighs in saying middle class families can not get caught in the middle. >> the last thing folks like the folks up here on this stage can afford right now is to pay an extra $2,000 in taxes next year. middle-class families can not afford it, businesses cannot afford it, our economy can not afford it. >>trace:...
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the plan also expands the child tax credit earned income tax credit and up to $2,500 tax credit for college tuition. unemployment benefits would be extended for one year and the same for the medicare dock fix. the social security payroll tax cut reverts to a 6.2%. on the estate tax, the estate tax will have a 10-million-dollar exemption per couple with additional inheritance taxed at 40 pierce. these are details just coming out. they are influx. they could change. but we thought we would give you what we could. some of it is in the weeds but a lot of people are interested in the weeds. let's take a look at wall street's reaction to the ongoing cliff negotiations. fox business network correspondent rich edson is on capitol hill. rich, you know, the market had a pretty good day today as all this talk was going back and forth. and i guess before the market closed. a lot of the talk was they were really, really close to a deal. >> right, bret. when you consider earlier in the day when we started getting news that they were moving much closer to a compromise, wall street jumped at this and staye
the plan also expands the child tax credit earned income tax credit and up to $2,500 tax credit for college tuition. unemployment benefits would be extended for one year and the same for the medicare dock fix. the social security payroll tax cut reverts to a 6.2%. on the estate tax, the estate tax will have a 10-million-dollar exemption per couple with additional inheritance taxed at 40 pierce. these are details just coming out. they are influx. they could change. but we thought we would give...
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and what about the state -- estate tax. >> the estate tax punishes family farmers in my district and small business people. that money has been taxed a lot of times people have to selllet family farm to pay the taxes or family business it is it a shame and we need to get it fixed and solved. we need permanence and a bigger exemption and something like we have today would make it work. >> and congressman, what about the debt limit. we'll hit the debt ceiling, 16.4 trillion . is that going to be worked in this piece of legislation or is that after the new year. >> i hope that we are able to work it in this legislation. then we would avert another man made crisis that we are all too good at doing these days . ive would hope it is part of the package but should never be a part of the negotiation. i know you all discussed many, many times is something that is raised routinely over the last 50 years and something in the law and doesn't save us or spending more money it just shuts the government down . risks the full faith and credit of the united states it is it about recognizing the debts
and what about the state -- estate tax. >> the estate tax punishes family farmers in my district and small business people. that money has been taxed a lot of times people have to selllet family farm to pay the taxes or family business it is it a shame and we need to get it fixed and solved. we need permanence and a bigger exemption and something like we have today would make it work. >> and congressman, what about the debt limit. we'll hit the debt ceiling, 16.4 trillion . is that...
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return and pays taxes, it would cost them about $3,000 a year. you don't get anything for it. lisa jackson has been for a long period of time the head of the epa, obama's epa. i asked her the question live on tv. i said, if we were going to pass this cap and trade, would this lower our co2 emissions worldwide? she said no it wouldn't. the reason it wouldn't she said is this only applies to the united states. this isn't where the problem s. the problem is in china, in mexico, in other countries where they don't have emission standards. that is the crown jewel of all regulations. it is the most expensive one. and it is one that is based on the assumption that the catastrophic global warming is taking place, and it is due to man made gases. the people of this country know better. >> you know, senator, to be able to do that, it would be an outrage to most of us who understand the legislative process and we even have the ept representatives. we would just be ignoring the constitutional responsibility to get authorization. how can he do this? >> that's
return and pays taxes, it would cost them about $3,000 a year. you don't get anything for it. lisa jackson has been for a long period of time the head of the epa, obama's epa. i asked her the question live on tv. i said, if we were going to pass this cap and trade, would this lower our co2 emissions worldwide? she said no it wouldn't. the reason it wouldn't she said is this only applies to the united states. this isn't where the problem s. the problem is in china, in mexico, in other countries...
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let the bush tax cuts expire. make sure the middle class doesn't have to pavement the schif a manufactured media drama. >> laura: wow, can you say out of touch? joining us now from new york is maxwell a democratic strategist and guy benson the political editor for "town hall.com." okay. this is quite something. we have been hearing from the obama white house, the congressional budgetffice and any number of conservative economistst that this is serious. that we have got to get this thing done that we have got to get it in order. or at some point america's full faith and credit is going to go away. we are not going to look so good to the rest of the world as far as credit risk. so let's talk to you about this. is this a manufactured media crisis or does something substantial need to be done here? >> well, i certainly think that the fiscal cliff, that language is a manufactured media narrative. that americans believe on january 1 we are going to be standing in line for bread. that's not going to happen this is all be
let the bush tax cuts expire. make sure the middle class doesn't have to pavement the schif a manufactured media drama. >> laura: wow, can you say out of touch? joining us now from new york is maxwell a democratic strategist and guy benson the political editor for "town hall.com." okay. this is quite something. we have been hearing from the obama white house, the congressional budgetffice and any number of conservative economistst that this is serious. that we have got to get...
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and start raising taxes. they don't -- what they are doing. >> they are killing the parties that they are supposedly -- >> you can't be weak and kill the party at the same time, kathy. the new york times is saying look they are on their way out. meanwhile they are controlling a party. here is what i don't get. >> they are losing influence and weakening. that is what the article was about. they are losing influence. they had it at the time. >> some of the tea party folks. rand paul. he is a star in the conservative movement. so say they have no influence and they are dying out is false. >> i think it is wishful thinking on the "new york times" part because the conditions that brought about the party aren't going away. there is still going to be that belief that there needs to be change. >> the tea party just gave a name to a movement that was going to happen no matter what. people were not happy with the way the country was going and just jumped on to the wave that was happening. they named the wave, they didn
and start raising taxes. they don't -- what they are doing. >> they are killing the parties that they are supposedly -- >> you can't be weak and kill the party at the same time, kathy. the new york times is saying look they are on their way out. meanwhile they are controlling a party. here is what i don't get. >> they are losing influence and weakening. that is what the article was about. they are losing influence. they had it at the time. >> some of the tea party folks....
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amt, the alternative minimum tax. a fix so that won't hit 20 million more americans. >> that is exactly right. >> chris: let me focus on the tax rates. that has been the biggest issue in the whole debate. the president wants to extend the tax rates on families making less than $250,000 a year. senator graham is that acceptable or does the threshold for when you start to make the bush tax rates go away does it have to be higher? some people said $400,000 and $500,000. how confident are you that the house which refused to set the mark at a million dollars will pass any tax rate increase? >> if democrats will vote for the deal in the house if they are allowed to vote for whatever the senate passes there will be enough republicans but boehner needs a majority of the republican party. in 2010 we extended all of the tax cuts because the economy was weak. we are not going to extend all of the tax cuts but the economy is weaker. i don't understand the economics but i do understand the politics. the president won. the presiden
amt, the alternative minimum tax. a fix so that won't hit 20 million more americans. >> that is exactly right. >> chris: let me focus on the tax rates. that has been the biggest issue in the whole debate. the president wants to extend the tax rates on families making less than $250,000 a year. senator graham is that acceptable or does the threshold for when you start to make the bush tax rates go away does it have to be higher? some people said $400,000 and $500,000. how confident...
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we are already seeing taxes go up across the board. you know the 3.8% obamacare tax and an increase most likely on those that earn $400,000 or more will go up quite a bit on a percentage basis. so we are going to see a slower economy, less money in the economy, and the stock market doesn't like that because corporations won't earn as much. everybody needs to put on their seatbelt because this will last for a longtime, even going into the debt conversation that will happen in about two months from now. things are a mess, and we need to get things straight eped out quickly. >> he is the managing partner at chap wood, happy new year. we will talk again soon. >> you too. take care. >>> new details emerging about the deadly september 11th attack on our consulate in libya. what we are now learning about the changes made to the talking points about the attack. plus, an oil rig trying to get out of the path of a major storm runs aground. this is off the coast of alaska. new information on the environmental threat up next. >>> welcome back. new
we are already seeing taxes go up across the board. you know the 3.8% obamacare tax and an increase most likely on those that earn $400,000 or more will go up quite a bit on a percentage basis. so we are going to see a slower economy, less money in the economy, and the stock market doesn't like that because corporations won't earn as much. everybody needs to put on their seatbelt because this will last for a longtime, even going into the debt conversation that will happen in about two months...
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it would maphase in tax hikes or the years and prioritize spending cuts. he says he's frustrated and tried to do something. >> it was crossing the wires it's more than frustration it sounds like desperation at this point as they are losing hope. the chained cpi the social security adjustment you were talking about basically changes the way they configure the cost of living and would make those benefits smaller checks. does it sound like republicans are willing to let that go? >> seems like they are willing to let that go. senator mcconnell says no stumbling block should cutff this deal. when the democrats protested they said fine take it off the table but it talks like reed and the republican leader got stuck. they called in the bullpen. called in a senate colleague vice president joe biden. >> willing to work with whoev er can help. it remain as possible sticking point. appears to be a willingness and interest or the courage to close the deal. >> top on the republican side sound hopeful because they believe vice president biden can cut a deal but it may n
it would maphase in tax hikes or the years and prioritize spending cuts. he says he's frustrated and tried to do something. >> it was crossing the wires it's more than frustration it sounds like desperation at this point as they are losing hope. the chained cpi the social security adjustment you were talking about basically changes the way they configure the cost of living and would make those benefits smaller checks. does it sound like republicans are willing to let that go? >>...
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the obama tax cut. then he will be able to reintate across-the-board sequestration cuts. 8.2% across the board. cut defense and health. they will be able to reintate a lot of programs and give his caucus the opportunity to say look, i am voting for something. i am voting to restore tax cuts for the middle class. voting to restore great thin things. republicans are in a tough position. no one will say vote to restore the tax cut for rich. this is his game plan from day one. >> eric: what is the a terptive? $250,000 and above? we see obama not oftenning cuts at all. looking for spending. >> kimberly: managing the message very well. conciliatory. >> andrea: boehner did -- boehner has taken heat. in his defense he has taken a ton of flak on this. he has given a terrible hand of cards. but he came to the table. he tried to at least bring something to the floor. mitch mcconnell knows he can't pass anything, any tax cut for everyone under $1 million. kimberly, that wouldn't even pass the senate. >> juan: allow
the obama tax cut. then he will be able to reintate across-the-board sequestration cuts. 8.2% across the board. cut defense and health. they will be able to reintate a lot of programs and give his caucus the opportunity to say look, i am voting for something. i am voting to restore tax cuts for the middle class. voting to restore great thin things. republicans are in a tough position. no one will say vote to restore the tax cut for rich. this is his game plan from day one. >> eric: what...
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but i do know that the tax rates are going to expire. one of my favorite analogies and everyone said it's like 100 people are drowning and you are going to save 98 of them by only protecting them from a tax increase, 98%. and and my question is they are all drowning, right? which means raising taxes is a bad thing for everyone. why would we not save two? we would drowning be our policy? who would be in favor of a policy of drowning, raising taxes? sounds like it's a bad thing for everyone, why are they so in sis ten we raise tacks on someone? >> do you get the idea there's a discussion going on in the senate. i turn on the tv and different senators are taking to the floor and he they are speaking 209 other senators that might be there or the american people but what about in the halls of the u.s. senate? are people talk and negotiating, trying to work on solutions? >> the way it's been set up is for a few people in leadership, and i always joke i have to ask people in the media what's going on with the fiscal cliff thing because we don't
but i do know that the tax rates are going to expire. one of my favorite analogies and everyone said it's like 100 people are drowning and you are going to save 98 of them by only protecting them from a tax increase, 98%. and and my question is they are all drowning, right? which means raising taxes is a bad thing for everyone. why would we not save two? we would drowning be our policy? who would be in favor of a policy of drowning, raising taxes? sounds like it's a bad thing for everyone, why...
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that is tax cut over 250, it's a tax increase. senator mcconnell may be trying to move that to $400,000. >> arthel: and then the notion of lowering social security payments is definitely off the table in terms of democrats' side? >> it's clear from senator reid said, they are not going to touch social security. but the president has made clear in discussions with speaker boehner, these entitlement programs will be on the table but only if it's a broader debt deal. republicans have different ideas. they want to see more cuts in spending right now. >> arthel: thank you very much. >> gregg: congress is not only facing a fiscal cliff, it's up a dairy clarify, if you will. the current farm bill is set to expire on new year's day. if an extension of that is not passed, the farm policies would revert to laws back to 1949 and cost of milk, that could skyrocket. back then the government used a formula to calculate dairy prices that is much more expensive than it is today. one option said to be on the table is short term extension that woul
that is tax cut over 250, it's a tax increase. senator mcconnell may be trying to move that to $400,000. >> arthel: and then the notion of lowering social security payments is definitely off the table in terms of democrats' side? >> it's clear from senator reid said, they are not going to touch social security. but the president has made clear in discussions with speaker boehner, these entitlement programs will be on the table but only if it's a broader debt deal. republicans have...
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they wouldn't restore tax cuts. combination would be too severe of the spending cuths with all the tax cuts gone. that becomes the enormous fight. you do get up involved in late january or late february with the revenue. it's an enormous fight, amount we raise the debt creeling to amount they cut debt ceiling. a fight that obama should not want to have. it's interesting to me if he doesn't act in the next couple of days with what charles calls a generous deal he gets himself in to really unstable waters, economically. something we have never seen before. then we look at the global waters rattling toward real default, not the january 1 cliff. republicans would be blamed initially but he would be blamed ultimately. >> this argument and is so ethereal with the numbers baptered back and forth they can't grasp it. one component is the farm bill that expires at the end of this lame duck session if it expires and we go to 1949 formula for calculating milk price supports. back in 1949, most cows in the country were milked b
they wouldn't restore tax cuts. combination would be too severe of the spending cuths with all the tax cuts gone. that becomes the enormous fight. you do get up involved in late january or late february with the revenue. it's an enormous fight, amount we raise the debt creeling to amount they cut debt ceiling. a fight that obama should not want to have. it's interesting to me if he doesn't act in the next couple of days with what charles calls a generous deal he gets himself in to really...
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Dec 24, 2012
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what would the level be for taxes for revenue. in how much would be raised in revenue and what would it mean in new spending cuts? >> the spending cuts would be a trillion $450 billion. $2.6 trillion. couple that with the $1.1 trillion already done and you are at $3.7 trillion. and look, is it perfect? no. is it everything we he hoped for? >> no. does it match what bowles simpson did? no. on an even comparison bowles simpson would be $5.3 trillion. >> chris: let me ask you one last quick question. are you saying that you don't like the president's plan? >> look, it may come to that but i would hope that we would have one last attempt here to do what everyone knows needs to be done. which is a larger plan that really does stablize the debt and get us moving in the right direction and does it in it a way that is cognizant that we have an economy that is recovering, that still is weak and we don't slam it. we don't slam on the brakes here in a way that puts us back into recession, that increases jobless rate to 9.1%. >> chris: let me
what would the level be for taxes for revenue. in how much would be raised in revenue and what would it mean in new spending cuts? >> the spending cuts would be a trillion $450 billion. $2.6 trillion. couple that with the $1.1 trillion already done and you are at $3.7 trillion. and look, is it perfect? no. is it everything we he hoped for? >> no. does it match what bowles simpson did? no. on an even comparison bowles simpson would be $5.3 trillion. >> chris: let me ask you one...
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Dec 24, 2012
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if a deal isn't reached by the new year taxes will go up for everyone. there is a concern that a combination of automatic tax increases and spending cuts could plunge the economy back into a recession. i am marianne rafferty now back to "huckabee" for all of the latest headlines go to foxnews.com. to fox news.com. the pro lifer versus pro abortion is heating nup ireland. the woman complained of pain and she asked for a abortion believing she miscarried her young baby. the doctors refused to abort the child saying the fetal heart beat was still. the women died three days later. the incident caused controversy all over the world . american pro abortion advocates pressured hillary clinton. joining us is hilary rose. an irish citizen nevy brown delair woman of love institute. it is so good to have you hered today. ireland is a catholic prolife country and why is this drawing sotion for those who advocate for abortion. >> first thing we need to say . it was a tragic case. i am a mother of four young girls . everybody hate to hear about maternal death. we feel
if a deal isn't reached by the new year taxes will go up for everyone. there is a concern that a combination of automatic tax increases and spending cuts could plunge the economy back into a recession. i am marianne rafferty now back to "huckabee" for all of the latest headlines go to foxnews.com. to fox news.com. the pro lifer versus pro abortion is heating nup ireland. the woman complained of pain and she asked for a abortion believing she miscarried her young baby. the doctors...